Dani Hernandez has been working in the mortgage business for more than 11 years. In 2006, she started originating loans and moved into underwriting in 2009. By working on both sides of the process, Dani possesses a unique understanding of the mortgage lending process compared to other industry professionals. Dani is currently the head of compliance and underwriting at Newcastle Home Loans.
[Expert commentary] Is HUD the latest example of the Trump Administration quietly using government agencies, such as the FHA, to discourage immigrants from pursuing the American Dream of homeownership?
Question: I have a borrower who is looking to purchase a new home. They are employed by a large corporation and qualify for the loan using only their W-2 income. However, the borrower has a Schedule E loss on their tax returns from Self-Employment through an S-Corporation. If the borrower qualifies using only their W-2 income, do I need to include the self-employment loss in their debt-to-income ratio? Click for the answer!
In this week's edition of Ask the Underwriter, Dani Hernandez answers a query about student loan cash-out refinances, how they're different from traditional cash-out refinance loans, and how to market the loans to your borrower.
On Wednesday, a federal judge ruled that the protections for Deferred Action for Childhood Arrivals program recipients must stay in place and that the government must resume accepting new applications for the program. This is great news for the Dreamers! But what does it mean for DACA borrowers who are looking to buy a new home this spring? This week, Underwriter Dani Hernandez provides a walk through of the FHA’s guidelines and explains the documentation needed to get your DACA borrowers into a new home using FHA financing.
Can a borrower who is married but living separately from his spouse, who makes the mortgage payments, qualify for a Freddie Mac Home Possible mortgage? Underwriter Dani Hernandez breaks down how to qualify for a Home Possible loan with ownership interest in other properties.
Ask any mortgage professional and they will tell you if you use an FHA loan to buy a new home, you must make a Minimum Required Investment equal to 3.5% of the purchase price or appraised home value (whichever is less). Most of these "experts" will also tell you this means the minimum down payment and cash due from the borrower at closing must be equal to 3.5%, and they will insist your out-of-pocket cost cannot be any less. And this misconception is so widely believed that it caused a bit of panic in my office this week. Read on to find out about how a little loophole helps avoid this problem...
Question from a loan officer: I have a borrower who is a DACA recipient. Their Employment Authorization Card was just renewed in February but with all of the uncertainty regarding the DACA Program, is it still possible for them to get a mortgage loan?
Your borrower finally found the perfect house! They send you a copy of the executed sales contract and everything is great…until you notice that the window treatments are listed as personal property to be included in the sale. Suddenly, you’re having flashbacks of your underwriter losing their $^!# because the last sales contract you sent included a lengthy list of personal items from the seller’s “Custom Man Cave” to be included in the deal. These are just window treatments though… no big deal… or is it?! Keep reading to find out!
When Tim Mayopoulos was vetted prior to joining Fannie Mae nearly 10 years ago in the role of general counsel, board members explained it would only take 12 to 18 months for the company to turn around. That isn’t what it took. It took putting Mayopoulos in charge, years later, to turn the company around. And that’s exactly what he did.
HousingWire began highlighting the unsung heroes of the mortgage finance industry three years ago, recognizing those who continue to make the dream of homeownership a reality for Americans nationwide. Our editorial board selected each of these 40 professionals for their ability to not only transform their companies, but the industry as a whole.
Hispanics have huge purchasing power in the U.S. and the rate of homeownership among this population has grown every year since 2014, reaching 46.2% in 2017. In fact, Hispanics are the only demographic in the U.S. to increase homeownership rates for each of the past three years and are driving gains in the real estate market overall. By understanding the unique needs and expectations of the Hispanic community and positioning yourself to fulfill those needs, real estate professionals can become an important servicer of this consumer demographic and experience related growth.